Retail

SRS Real Estate Arranges $8.8M Sale of 7-Eleven-Occupied Property in Wheat Ridge, Colorado

by Amy Works January 16, 2024

WHEAT RIDGE, COLO. — SRS Real Estate Partners has negotiated the sale of a newly developed retail property at 4400 Harlan Court in Wheat Ridge. Cadence Capital sold the asset to a California-based family office for $8.8 million. 7-Eleven occupies the 4,650-square-foot property, which is situated on 1.3 acres. The asset also includes Laredo Taco, 7-Eleven’s new quick-service restaurant concept. The building is an outparcel to Lakeside Center, a 728,000-square-foot retail power center anchored by Walmart Supercenter, Petco, Planet Fitness and Goodwill. Ryan Tomkins of SRS Capital Markets represented the seller in the transaction.

January 16, 2024

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $2.5M Sale of Two Retail Centers in Normal, Illinois

by Kristin Harlow January 16, 2024

NORMAL, ILL. — Marcus & Millichap has negotiated the $2.5 million sale of two retail centers located in the college town of Normal. The adjacent properties are located on Northbrook Drive near Illinois State University. Totaling approximately 17,500 square feet, the centers are leased to mostly local tenants such as a marijuana dispensary, coffee shop, pizza parlor, regional medical provider and laundromat. Eric Bell, Jordan Callaway and Mitchell Kiven of Marcus & Millichap represented the seller, a real estate developer. Buyer information was not provided.

January 16, 2024

Acquisitions Illinois Midwest Retail

AXIS 360, Lee & Associates Arrange $2.3M Sale of Former Gold’s Gym Property in Bloomington, Illinois

by Kristin Harlow January 16, 2024

BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists and Lee & Associates have arranged the $2.3 million sale of a 45,749-square-foot building formerly occupied by Gold’s Gym in Bloomington. The two-story property features areas for workout equipment, locker rooms, offices, physical therapy areas and a childcare area. Greg Yount of AXIS 360 and Rick Scardino of Lee & Associates represented the seller, Citizen’s First Bank. Sherye Przybyla of Berkshire Hathaway represented the undisclosed buyer, which plans a remodel of the building in the coming months.

January 16, 2024

Acquisitions Illinois Midwest Retail

Quantum Brokers $2.1M Sale of Two-Tenant Retail Property in Oak Lawn, Illinois

by Kristin Harlow January 16, 2024

OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $2.1 million sale of a two-tenant retail property in the Chicago suburb of Oak Lawn. The center recently underwent a full renovation, including new pylon signage. At the time of sale, the property was fully leased to Chicago Title and Hassleless Mattress. Chad Firsel and Brett Berlin of Quantum represented the seller, a joint venture between affiliates of Core Acquisitions and T2 Capital Management. The buyer was a California-based 1031 exchange investor.

January 16, 2024

Leasing Activity Restaurant Retail Texas

Chalo India to Open 10,000 SF Grocery Store, Café in Frisco

by Taylor Williams January 16, 2024

FRISCO, TEXAS — Chalo India will open a 10,000-square-foot Indian grocery store and café at The Shops at Panther Creek in Frisco. Thurston Witt of CBRE represented Chalo India in the lease negotiations. Tim McNutt of DBA Commercial Real Estate represented the landlord, Dallas-based GreenRoad Development Construction LLC. The opening is scheduled for May.

January 16, 2024

Hawaii Market Reports Retail Western Western Market Reports

Navigating Hawaii’s Retail Landscape: Adapting to Shifting Tides

by Jeff Shaw January 16, 2024

— By Jon-Eric Greene, Colliers — Hawaii has historically been home to many of the nation’s top grossing retail locations (as measured by gross sales), including one of the highest grossing regional malls in Ala Moana Center, and the world-famous retail street, Kalakaua Avenue in Waikiki. However, since COVID shutdowns, Hawaii retailers and shopping centers have struggled to recover. While the tourism and hotel markets have bounced back, an important visitor demographic — the international shopper — has yet to return. Tourism is Hawaii’s No. 1 industry, with almost every dollar circulating through the economy tracing back to visitors. In 2019, Hawaii welcomed a record 10.4 million visitors. However, in 2020, arrivals plummeted to 2.7 million visitors due to the pandemic. The state experienced rebounded visitor numbers in 2021 and 2022 of 6.8 million and 9.2 million visitors respectively and expected to end 2023 with 9.3 million visitors. The visitor profile has changed dramatically, however, impacting many retailers and shopping centers. In 2019, around 3 million visitors were international, with over 50 percent (1.58 million) coming from Japan. In 2022, only 900,000 of Hawaii’s 9.2 million visitors were international, including just 192,500 Japanese. So, while overall visitor counts to Hawaii …

January 16, 2024

Leasing Activity Maryland Retail Southeast

X-Golf to Open 13,414 SF Entertainment Venue in Frederick, Maryland

by John Nelson January 15, 2024

FREDERICK, MD. — X-Golf America will open a 13,414-square-foot entertainment venue in Frederick, marking the company’s largest location to date. Situated within the 200,000-square-foot Westview Promenade, the store is scheduled to open this month. In addition to eight indoor golf simulators, the venue will feature full-service sports bar and restaurant. Ashley Zito and Danielle Bridge represented the landlord, Hill Management Services, in the lease transaction on an internal basis. Franchisees and husband-and-wife team Jillian and Matthew Louden will own and operate the facility. X-Golf America’s portfolio currently includes more than 80 stores across 36 states.

January 15, 2024

Company News Restaurant Retail Texas

Smalls Sliders to Open Five Restaurants in Metro Dallas

by Taylor Williams January 15, 2024

DALLAS — Burger chain Smalls Sliders has signed an agreement with hospitality group Om Texas to open five restaurants, dubbed “Cans,” in metro Dallas. This marks the second multi-unit franchise deal in the city for the brand. Potential locations include Mesquite, Garland, Rockwall, Greenville, Murphy, Rowlett and Richardson, with the first store scheduled to open in the fourth quarter. Smalls Sliders opened its first Can in 2019 and currently has more than 160 restaurants open or under development.

January 15, 2024

Acquisitions New Jersey Northeast Retail

JLL Negotiates $16.1M Sale of Grocery Store in Saddle Brook, New Jersey

by Taylor Williams January 15, 2024

SADDLE BROOK, N.J. — JLL has negotiated the $16.1 million sale of a 62,504-square-foot grocery store in the Northern New Jersey community of Saddle Brook that is leased to ACME Markets, a subsidiary of Albertsons. ACME has occupied the property at 75 Mayhill St. since it was built in 1998. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Austin Pierce of JLL represented the seller, Vision Real Estate Partners, in the transaction. The buyer was The Winter Organization.

January 15, 2024

Illinois Leasing Activity Midwest Retail

Burlington Signs 22,104 SF Retail Lease in Streamwood, Illinois

by Kristin Harlow January 15, 2024

STREAMWOOD, ILL. — Burlington has signed a 22,104-square-foot retail lease at 980 S. Barrington Road in Streamwood, a northwest suburb of Chicago. The retailer will occupy the space beginning later this year. The new lease brings the previously vacant building totaling 81,000 square feet to full occupancy. Value City Furniture previously occupied the entire property, which has now been split into three units. CBRE also arranged the other leases with Aldi (23,589 square feet) and Ollie’s (33,000 square feet). Joe Parrott and Sean McCourt of CBRE represented ownership, Diehl LLC. The building is located within Westview Center, a 350,000-square-foot power center.

January 15, 2024

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